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APAC Edition
16th April 2024
 
THE HOT STORY
Singapore instructs all employers to consider employees' flexi-time requests
Workers in Singapore will have the option to request more work-from-home days and flexible work timings starting from December 1. The new guidelines, announced by the Tripartite Alliance for Fair and Progressive Employment Practices, aim to retain talent by providing employees with greater flexibility. While the guidelines are not legally enforceable, all companies in Singapore are required to establish a process for employees to submit formal flexible-working arrangement requests. Employers can reject requests if they would significantly impact productivity or increase costs, but not based on company traditions or management preferences. Singapore's move aligns with other countries that require businesses to consider flexible work requests. Retaining flexible arrangements may benefit businesses, as they have been shown to attract and generate more productivity.
STRATEGY
OpenAI opens first Asia office in Tokyo
Microsoft-backed artificial intelligence startup OpenAI has opened its first Asia office in Tokyo, Japan. The company, known for its ChatGPT generative AI chatbot, is looking to expand its sources of revenue globally. OpenAI CEO Sam Altman and COO Brad Lightcap have been pitching for business to Fortune 500 executives in the US and UK. OpenAI's move into Japan comes as the country aims to leverage AI to compete with China, accelerate digital services, and address labour shortages. The company has a custom model optimised for the Japanese language and is led by Tadao Nagasaki, former president of Amazon Web Services in Japan. Local companies like SoftBank and NTT are also investing in large language models. Microsoft recently announced a $2.9bn investment in cloud and AI infrastructure in Japan.
Tesla to cut more than 10% of its workforce
Tesla will lay off more than 10% of its global electric vehicle workforce, which had 140,473 employees as of December. Founder Elon Musk told staff: "There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle." The company is set to report its quarterly earnings later this month but has already reported a decline in vehicle deliveries in the first quarter, its first in nearly four years.
CORPORATE
Indian IT company Hexaware plans $6bn IPO
Hexaware Technologies is planning an IPO in Mumbai, which could value the Indian IT company at up to $6bn. The IPO, expected to take place in the fourth quarter, would help Carlyle Group reduce its stake in Hexaware. The potential $1bn offering would be the largest IPO in India since 2022. Hexaware provides IT and business process outsourcing, as well as cloud, data, and artificial intelligence services. India has become a popular market for IPOs as global investors look to tap into its growth potential.
CORPORATE GOVERNANCE
Foxconn considers rotating CEOs
Foxconn, the world's largest contract electronics manufacturer and an Apple supplier, is considering introducing a rotating chief executive system as part of a major management overhaul. The plan is a response to calls by investors to boost corporate governance by separating the role of chief executive from that of chair. The proposed system would have four CEOs on a rotating basis of six months at a time overseeing Foxconn's core businesses.
HIRING
Chinese province's efforts to attract top talents pay off
Jilin province's efforts to attract top talent are paying off as researchers like Liu Wei return to contribute to scientific advancements, China Daily reports. Liu expressed gratitude for the province's supportive environment and talent policies, which allow him to focus on research without concerns. The province's talent policies have evolved significantly since 2018, upgrading from the "18 Talent Policies" to version 3.0, showcasing a commitment to nurturing talent and fostering innovation. Initiatives like the "Jilin Talents Returning Home" forums highlight the province's emphasis on talent attraction and cultivation. Liu's research team focuses on rare earth energy materials, aligning Jilin's resource advantages with national strategies, promoting advancements in the province's new energy industry. The supportive talent policies within Jilin province have resolved many challenges for Liu's team, enabling them to contribute effectively to the province's scientific and technological progress, China Daily reports.
ECONOMY
World Bank warns of worsening poverty gap
The World Bank has warned that poverty reduction efforts have come to a halt in many nations, leading to a widening income gap with developed countries. In a report released during its half-yearly meeting, the World Bank highlighted that half of the world's 75 poorest nations have seen slower income growth compared to developed countries over the past five years. The report also revealed a surge in food insecurity and debt distress since 2019. The World Bank has called on governments and the private sector to do more to address this "great reversal" and urged donors to provide generous funding to support poor countries. The extreme-poverty rate in the most affected countries was found to be more than eight times the global average.
INTERNATIONAL
US employers must accommodate workers' pregnancies, including abortion and contraception, says EEOC
US employers are now required to accommodate workers' pregnancies, including abortion and contraception, according to a new rule by the U.S. Equal Employment Opportunity Commission (EEOC). The rule implements the Pregnant Workers Fairness Act, which mandates employers to modify job duties or provide time off for workers with pregnancy-related limitations. The rule has faced criticism from Republicans and religious groups who argue that it should not cover workers who choose to have abortions or use birth control. The lack of a religious exemption could potentially lead to a legal challenge. The EEOC's rule will be published on Friday and take effect 60 days later. It applies to employers with 15 or more employees and includes accommodations such as limits on heavy lifting, part-time work schedules, additional breaks, modified equipment, remote work, and paid or unpaid leave. Advocacy groups have supported the rule, stating that it removes obstacles for pregnant workers in the workforce. However, critics argue that some accommodations may be impractical for certain jobs and workplaces.
Portugal to implement tax cuts for middle class worth €1.5bn
Portugal's new minority government, led by Prime Minister Luis Montenegro, plans to approve tax cuts worth €1.5bn for the country's middle class. The government aims to reduce income tax rates by 0.5 to 3 percentage points from 2023 levels, with a focus on the middle class. Montenegro believes that high taxes hinder investment and limit job creation. According to the OECD, Portugal has the ninth-highest tax burden on workers' income among OECD member countries. Analysts expect Montenegro to secure opposition support for his urgent measures, including tax cuts and wage hikes for certain professions. However, the stability of his government remains uncertain, as it relies on the support of either the far-right Chega or the centre-left Socialists. Montenegro's goal is to achieve balanced budgets and stimulate economic growth, aiming for a growth rate close to or above 3.5% by the end of the four-year term. The economy expanded by 2.3% in 2023, a significant slowdown from the previous year. The Bank of Portugal forecasts 2% growth in 2024.
UK visas for 'brightest and best' account for less than 2% of total
Two visa routes introduced by the UK government to attract highly skilled workers after Brexit accounted for less than 2% of the total work visas issued in 2023, according to analysis of Home Office statistics. The High Potential Individual visas and Global Talent visas, which were hailed as benefits of leaving the EU, made up just 1.9% of the 337,240 work visas issued last year. Yash Dubal, director of the immigration and visa company A Y & J Solicitors, said: "The figures show that while high achievers have taken advantage of these routes, they have done so in modest numbers and as a tiny percentage of overall work visas."
All Dutch trains to stop in protest against attacks on staff
All trains in the Netherlands will come to a halt for three minutes on Saturday night in protest against attacks on ticket collectors and other rail staff. The action, initiated by the NS and railway workers unions, follows a serious incident where a female ticket collector was assaulted. A minor has been arrested in connection with the attack.
OTHER
Bournvita, other brands to lose 'health drink' status
India's Ministry of Commerce and Industry has told online retail platforms that Bournvita and other beverages should not be called health drinks because the category isn’t defined in the country’s food laws. Cadbury Bournvita, the country’s most popular malted drink, had found itself in a controversy last year after a social media influencer alleged that the drink has high sugar content. Mondelez India, which owns Bournvita, sent a legal notice to the influencer, forcing him to take down the video. But the issue snowballed into a controversy, and the National Commission for Protection of Child Rights (NCPCR) asked the brand to withdraw all misleading packaging, advertising, and labels.
 


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